GLASTONBURY, Ct. - (05/19/04) -- Open Solutions Inc., said it plansto raise as much as $20 million with an offering of one millioncommon shares. Proceeds from the offering will be used to pay downdebt and finance potential acquisitions. The company alsoregistered another 3.2 million shares to be sold by majorshareholders. The selling shareholders include: Fair Isaac Corp.,which plans to sell all of its 690,000 OSI shares; Key PrincipalPartners, the venture arm of KeyCorp., which plans to sell all ofits 647,000; Connecticut Innovations, a Hartford venture firm,which will sell 500,000 of its 672,000 shares; Axiom VenturePartners, a Hartford venture firm, which will sell 469,000 of its917,000 shares; and Aetna Life Insurance, the Hartford insurer,which will sell 435,000 of its 870,000 shares.
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The Cleveland-based bank is projecting steady growth in net interest income even as credit losses remain manageable. But Chairman and CEO Chris Gorman also said that he thinks a recession is likely.
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The first-quarter increase involved commercial real estate loans, including some problematic multifamily loans and an office credit, but none of the criticized loans were to consumers, officials at the Dallas company say. Further CRE deterioration is anticipated.
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The Detroit-based company is exploring ways to make more consumer auto loans without running afoul of stricter capital standards that are expected from the Federal Reserve. Possible approaches include more securitizations and the use of credit risk transfers.
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The House Financial Services Committee also sent to the full House two bipartisan bills, including one that would prevent large banks from opting out of having to recognize Accumulated Other Comprehensive Income in regulatory capital.
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Charge-offs and nonperforming loans rose at the Georgia bank in the first quarter. But it blamed the problem on one large client and said the matter has been resolved.
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Amid healthy first-quarter loan growth and improving credit quality, Discover Financial Services slashed its profits by $800 million to offset remediation costs from a 16-year period when it overcharged certain merchants.
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